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Taxes are at their lowest in 60 years!

Felix Salmon on Reuters points out that Federal taxes (all taxes, not just income) haven’t been this low in 60 years.

Also interesting is that while individual income taxes have remained about the same, corporate taxes have gone down significantly, and employment taxes (Social Security and related taxes) have gone way up. Excise taxes have also dropped. It is telling that the taxes that have gone up the most are the most regressive taxes (hit the poor more than they hit the rich). The two taxes that affect the rich the most — estate and gift taxes — have shrunk to zero.

And just a reminder. Earlier this year three quarters of Americans believed that Obama had raised taxes on them, when in fact he had lowered them.



  1. Jonah wrote:

    What Else Would $60 Billion Buy?

    Monday, December 6, 2010 at 7:50 pm | Permalink
  2. ebdoug wrote:

    15 weeks in Iraq. At the peak, Iraq cost us 2 billion a week. “The War within” Bob Woodward. The rich took our money then by deluding the American Public. They feel no obligation to pay us back. So they reduce benefits to the disadvantaged.

    Monday, December 6, 2010 at 9:37 pm | Permalink
  3. Jason Ray wrote:

    I hope this kind of analysis in broadly distributed and talked up by the Democrats for the next two years so that the next time the Bush tax cuts come up for a vote the environment will be more conducive to a more progressive result.

    Tuesday, December 7, 2010 at 2:38 am | Permalink
  4. patriotsgt wrote:

    I agree with Ebdoug – lets end these never-ending wars and bring home 1/2 of our 50,000 troops still in Iraq . Lets turn over peacekeeping to the UN in Afghanistan, we can keep a smaller 10-25k force there until things are stabilized.

    Tuesday, December 7, 2010 at 6:31 am | Permalink